Hungarian Forint Rebounds From Longest Losing Streak in a Year

The forint rebounded from the longest losing streak in a year and Hungary’s government bonds gained as China signaled it would support its economy and German and French officials prepared to meet before a summit.

Hungary’s currency appreciated 0.3 percent to 297.4 per euro by 2:45 p.m. in Budapest. The forint depreciated for six days through May 18, the longest such series since April 2011. The government’s benchmark 10-year bonds strengthened for a second day, cutting yields 3 basis points, or 0.03 percentage point, to 8.492 percent.

Demand for riskier assets rose after Chinese Premier Wen Jiabao’s pledge to focus more on bolstering growth spurred speculation the government will step up efforts to combat a slowdown in the world’s second-largest economy. German Finance Minister Wolfgang Schaeuble will, for the first time, discuss the euro at a meeting with his newly installed French counterpart, Pierre Moscovici, in Berlin today as European Union leaders prepare to meet in Brussels on May 23.

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